Iran tries to snap economy out of recession, Minister says

Tehran, Iran, Aug. 17

By Milad Fashtami - Trend:

The first priority of Iranian government is to permanently snap the economy out of recession without creating inflation.

Finance and Economic Affairs Minister Ali Tayyebnia said that the government is seeking to do so as soon as possible, Iran's IRNA News Agency reported on August 17.

"The current administration started its efforts to boost the country's economic growth from the very first day of taking office," he said, adding that the government has been successful in this regard.

Tayebnia said on July 19 that the government will pursue its policies to snap the country's economy out of recession, Iran's IRNA News Agency reported on July 19.

"We are trying to revise the country's tax system" he added.

Iranian industry, mine, and trade minister said that the country's inflation rate for the 12-month period to the fourth calendar month (ended on July 21) hit 25 percent.

"The figure was around 40 percent in the same month previous year," Mohammad-Reza Nematzadeh said on July 30, Iran's ISNA News Agency reported.

"High inflation and recession were the two main obstacles of the country's economy in the past 12 months," he explained.

Tayyebnia said in October 2013 that the government plans to reduce the inflation rate by 6 to 7 percent by the end of the current calendar year (March 20, 2014).

"Through curbing the runaway liquidity growth in the country, hopefully the inflation rate can be decreased," he added.

Iranian president has vowed to decrease the inflation rate to 5 percent in the [Iranian calendar] year of 1395 (to end on March 20, 2017), Iran's Mehr News Agency reported.

"Containing inflation is the main economic priority of the government," he said.

Iranian President Hassan Rouhani said on July 1 that the country's inflation will continue its falling trend.

"Iran's point-to-point inflation is currently around 14.7 percent," he said, noting that the figure was about 43-44 percent before he took the office one year ago, Iran's Ghareh news website reported on July 1.

"The price of staple food didn't increase in the third calendar month of current year [May 21 - June 20]," he said.

"The government first needs to contain the inflation in order to snap the country's economy out of recession," he said.

The inflation rate in Iran in 2005, when Ex-President Mahmoud Ahmadinejad took the government was about 10.4 percent, but in mid-2013, when Ahmadinejd handed over the office to Rouhani, the inflation rate and point-to-point inflation rate were 37.5 percent and 44 percent, respectively.

Iranian President Hassan Rouhani said on March 29 that the country's inflation rate is projected to drop to 25 percent by the end of the current Iranian calendar year (March 20, 2015), Iran 's Arsh news website reported.

"Improving relations with foreign countries may even cause the figure to fall below 25 per cent," he explained

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